Yes, Bitcoin has been going up for an entire month now, but we are still within a huge downtrend, and the Altcoins market, which is the most relevant to us (me and my supporters), continues in its long correction.
So what to expect next?
We will still keep on taking on a few trades as they come available, but we will keep the focus on short-term, why? Because we are in a bear market (Altcoins market - Bitcoin is its own market), and this means that the overall trend is down.
These trades risk is higher as they can go sour pretty fast, so it is important to know that there are risks involved when trading cryptocurrencies. In fact, there are always risks involved when trading anything, no news here, but I think is good to receive a reminder from time to time.
When will the correction be over?
The market will decide.
Bitcoin has been going up steadily and slowly, but there isn't much momentum and lately. Also, I have this feeling of uncertainty that is really big, and this tells me to be cautious and so I AM.
So we continue trading. Yes we can trade.
But we also remember that the risk is higher with the Altcoins market the way it is now... in the red.
Another detail about the relationship between Bitcoin and the Altcoins market is the following: In the phase we are now, any sudden move made by Bitcoin can crash the Alts.
If Bitcoin shoots up strong, the Alts can start to crash until Bitcoin stabilizes or show some signs of slowing down.
If Bitcoin starts to crash to retest earlier support levels, the Alts will also suffer. So what to do in this situation?
We wait... Patiently. Because we know it is better for our pockets, as traders, because we surely know it is best.
So use that last line to remember, that you are A DIVINE LIVING BEING... AND YOU DESERVE THE BEST!
Above you have the linear scale view but with both resistance lines drawn. This gives us a "wider" perspective.
I was waiting for Bitcoin to break above everything and reach the "moon" as everybody was saying but I wanted confirmation first. It turns out we are still in the same place we were a week ago.
I am a Bitcoin bull.
I love Bitcoin and all cryptocurrencies. They make me rich and help so many of us.
But right now we are still in this downtrend, and we are in it until we are out of it. That is what I believe.
So I will let Bitcoin do its thing. And I will be back to celebrate, once more, together, when we are KING.
P.S. I respect you for what you are...
I love you for what you are...
You are EVERYTHING!
That's what you are.
Know it because it is true.
Maybe we can do some acupuncture on Bitcoin to release the pressure... Just joking. :D
Here is the 1h chart:
Next stop should be around the low $10,000s, maybe in the $10,050 to $10,200 range.
Let's look at it now from the 4 hours chart perspective:
Thanks again for your continued support.
It is highly appreciated.
Thanks for all the comments.
Thank you for everything, once again.
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If Bitcoin -6.74% starts to crash to retest earlier support levels, the Alts will also suffer. So what to do in this situation?"
I would go short on the alts....which I have already and in good profit. Nice analysis btw...